Mazen Turk
Greenwood Sustainable Infrastructure (GSI), the North American renewable energy subsidiary of Libra Group, is buying the solar and battery improvement portfolios of Saturn Power, together with its group of builders and a 1.4 GW pipeline of early- to late-stage solar and energy storage tasks in 5 U.S. states and two Canadian provinces.
GSI says the acquisition permits the corporate to bolster its improvement capabilities and increase its footprint from seven to 12 U.S. states, which can now embrace New York, Massachusetts, Vermont, Florida, Minnesota, Michigan, Colorado, Illinois, New Mexico, Pennsylvania, Virginia, and Washington, in addition to Alberta and Saskatchewan in Canada.
“We are delighted to welcome members of Saturn Power’s expert team to help us develop a stronger renewable energy business capable of transforming communities at pace and at scale,” says GSI CEO Mazen Turk. “With this acquisition, the integration of both management teams will dramatically increase our capabilities in developing efficient, effective and essential renewable energy projects nationwide. This also represents the next step in our strategic goal to grow our pipeline to the 5 GW mark of clean power by 2029.”
The acquired pipeline consists of 72 solar tasks (90% neighborhood solar) and 6 battery storage tasks. The deal additionally provides expert energy builders, engineers and senior leaders, bringing GSI’s whole headcount to greater than 50 workers.
GSI plans to direct $200 million of capital funding to help its North American operations, together with constructing the acquired pipeline within the coming years.
